1. Technical Field
This invention generally relates to internet purchase transactions, and more specifically relates to an apparatus and method for a bank or other financial institution to automatically verify internet credit card charges made by the bank's customers over the internet.
2. Background Art
As internet commerce continues to grow, online purchases are becoming an increasingly larger part of credit card transactions. Many credit card holders feel uncomfortable using their credit card for an online purchase. They may be worried about security of the transaction or they may be concerned about the proper accounting of the transaction. Credit card companies continue to seek ways to prevent fraud and provide peace of mind to their customers. Past methods for added security and peace of mind include monitoring customers cards for unusual activity and providing indemnity of the cardholder for fraud. Despite these prior art methods, there is ample room for other services that the credit card issuers could provide to increase confidence in online purchases.
One area of concern for credit card customers is verification of online purchases. A customer often makes many purchases during a single month using a credit card. Upon receipt of the monthly credit card bill, the customer is faced with remembering a large number of purchases to try to reconcile the bill. Further, sometimes the line items on the bill do not adequately identify the online source of the purchases in a way that is recognizable by the consumer. Faced with the daunting task of verification of these obscure charges, the consumer may often resort to just a cursory check before paying the bill.
Without a way to more effectively verify the charges on a credit card bill, consumers will continue to suffer from inadequate verification of credit card charges and concern for the security of internet transactions. These concerns will adversely affect the credit card company's ability to compete in the market of online transactions.